The European Commission Trade Agreement: The Latest Update
The European Union (EU) and the United States of America (USA) have been in talks for a trade agreement since 2013. These negotiations are aimed at creating the largest free-trade zone in the world, covering more than 800 million people. The Transatlantic Trade and Investment Partnership (TTIP) was initially seen as a significant step forward for both economies, as it was expected to boost trade, promote investment, and create jobs.
However, despite progress being made in previous rounds of negotiations, the TTIP talks have been put on hold since the election of Donald Trump. The US president has pursued protectionist policies, which have created uncertainty for the agreement`s future.
Since then, the EU has been focusing on securing new trade agreements with other countries. Recently, the European Commission has signed comprehensive trade agreements with Canada and Japan, known as the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the Economic Partnership Agreement (EPA) with Japan.
The European Union has also been in negotiations with the Mercosur countries (Argentina, Brazil, Paraguay, and Uruguay) for a trade agreement. After nearly 20 years of negotiations, an agreement was reached on June 28, 2019. However, the agreement has faced criticism from some EU countries (such as France and Ireland) and environmentalist groups, as it is believed the agreement will put pressure on European farmers and have negative environmental effects.
Meanwhile, the EU has been negotiating with Australia and New Zealand towards the conclusion of a free trade agreement with the two countries. The European Commission has been working to improve the EU`s existing trade agreements with countries like Mexico, Chile, and South Korea.
Going forward, the EU aims to pursue a trade policy that is more sustainable, transparent, and values-driven. The European Commission`s approach towards trade agreements is to include provisions on labor and environmental standards, human rights, and digital trade. This approach also involves ensuring that trade agreements provide benefits for all citizens, including small and medium-sized enterprises (SMEs) and consumers.
In conclusion, the European Commission`s trade policy has been focused on finding new trade agreements with other countries, while pursuing fair and sustainable trade practices. The negotiations with other countries have been successful in securing new trade agreements, which include provisions on labor, the environment, and digital trade. The EU`s trade policy is expected to be a key driver of the EU`s economic growth and job creation in the coming years.
